Tokeny Alternatives in 2026: Other Ways to Issue Permissioned Tokens

How we evaluated

Our 6 criteria, applied to every platform:

1. Regulatory route: regimes supported and licenses held.
2. Token standards: how transfer rules are enforced on-chain.
3. Chains: public and private networks supported.
4. Operating model: self-serve, white-label, enterprise or full-service.
5. Lifecycle coverage: issuance through custody and trading.
6. Track record: named, dated deployments.

Bitbond builds Token Tool and Offering Manager. We included our own products and applied the same criteria to every platform. Facts about other platforms come from their own public materials, linked in the sources, as of September 2026.

When Tokeny is the right choice

Luxembourg-based Tokeny has served institutions since 2017 and created the open-source ERC-3643 standard in 2018 [2]. ERC-3643, also called T-REX, is a final Ethereum standard for security tokens that checks on-chain identities before transfers [6]. Tokeny sells the T-REX Platform, a white-label turnkey solution for issuers and investors [1], and the T-REX Engine for API integration [2].

Its ownership changed in May 2025, when Apex Group acquired a majority stake; the deal gives Apex 100% control over 3 years, and Tokeny's team and technology become part of Apex Group [3]. Deployments include Fasanara's tokenized money market fund on Polygon (January 2025) [7] and SkyBridge Capital moving $300 million of hedge funds on-chain with Tokeny and Apex Group (August 2025) [8].

Choose Tokeny if you want ERC-3643 from the team that created it, on EVM chains, or if Apex Group already administers your fund. Teams look elsewhere when they need a different standard (see our ERC-1400 vs ERC-3643 comparison), non-EVM chains (the T-REX Platform page describes EVM support [1]), self-serve pricing, a German eWpG bond (recorded by a BaFin-authorized registrar [9][10]), or one provider for the whole offering.

Best for a different token standard

Taurus

Best for: banks that want one tokenization platform supporting several permissioned standards, including CMTAT, ERC-1400 and ERC-3643.

Geneva-based Taurus, founded in 2018 [11], sells Taurus-CAPITAL for issuing and servicing tokenized assets [4] and Taurus-PROTECT for custody [12].

• Standards and chains: CMTAT, ERC-3643, ERC-1400, SPL, Stellar SAC and SEP-41, and Canton CIP-56, among others, across 35+ chains including Ethereum, Polygon, Solana, Stellar, Hedera and Canton [4].
• Regulatory footprint: a FINMA-regulated securities firm; a CySEC MiFID investment firm license for Taurus (Europe) Ltd was announced May 6, 2026 [11].
• Notable deployments: State Street agreed to use Taurus-CAPITAL, Taurus-PROTECT and Taurus-EXPLORER, announced August 20, 2024, subject to regulatory approval [12].
• Consider it if: you want standards choice, non-EVM chains and keys held in house.
• Look elsewhere if: you are a single issuer, since Taurus positions Taurus-CAPITAL for banks [4].

Zoniqx

Best for: issuers that want the ERC-7518 standard with routes to broker-dealers, RIAs and wealth platforms built in.

Zoniqx, operating since 2017 [13], describes itself as neutral operating, access and intelligence infrastructure for tokenized private markets, with z360 for issuance and lifecycle management and zConnect for distribution [5].

• Standards and chains: ERC-7518 and ERC-3643, both configurable on z360; it claims 14+ live blockchains, with the XRP Ledger, Hedera, Polygon and Cardano among its ecosystem networks [5].
• Regulatory footprint: Zoniqx states that it is not a registered broker-dealer, investment adviser or transfer agent [5].
• Notable deployments: its site cites $5.1B of assets on its infrastructure and 20+ live issuances as of September 2026 [5], and it brought its ERC-7518 engine to Base in March 2025 [13].
• Consider it if: you want distribution to intermediaries tied into issuance.
• Look elsewhere if: you need the provider itself to hold a license [5].

Best for self-serve issuance

Bitbond

Best for: issuers that want to deploy tokens themselves, including ERC-1400 style security tokens on EVM chains and security tokens on Stellar.

Berlin-based Bitbond, founded in 2013, issued BB1 in 2019, the first BaFin-approved security token bond. Token Tool handles no-code token creation and management; Offering Manager runs primary offerings end to end, from investor onboarding with KYC to white-label checkout, multi-rail payments and document management.

• Standards and chains: 11 public blockchains. The 8 EVM chains (Ethereum, Base, BNB Smart Chain, Arbitrum, Optimism, Polygon PoS, Avalanche, peaq) support ERC-1400 style security tokens with transfer restrictions and allowlisting, asset tokens, token sales, vesting and delivery versus payment. Stellar supports security tokens, vesting and DvP. Solana supports SPL and Token-2022 tokens, and XRPL supports MPTs. Templates are audited by CertiK and AuditOne.
• Regulatory footprint: software only; the legal structure and licensed roles come from counsel and licensed partners.
• Notable deployments: $1.2B+ assets tokenized, 7,000+ tokens deployed and 300+ offerings managed; customers include ABN AMRO and Raiffeisen Bank International; public cases include Vonovia's EUR 20M, 3-year registered bond of early 2021, represented by security tokens on Stellar and placed via firstwire with M.M. Warburg as investor, with Bitbond providing tokenization and custody technology per its case study, and the KlickOwn issuance with Bankhaus von der Heydt.
• Pricing: pay per use (core token $99, advanced $199, asset token for RWA $499, testnets free) or an enterprise flat license with API, dedicated contract and SLA.
• Consider it if: you want security tokens on an EVM chain you choose, or on Stellar.
• Look elsewhere if: you want one provider that is also registrar, transfer agent or venue.

Brickken

Best for: SMEs and smaller asset managers that want a ready-to-use issuance platform on a monthly plan.

Barcelona-based Brickken raised EUR 3 million in March 2026 [14]; its Issuer Studio targets SMEs and asset managers, with white-label and API options [15].

• Standards and chains: Ethereum, BNB Smart Chain, Base and Polygon [15].
• Regulatory footprint: its site lists ISO 27001 certification and EU Blockchain Sandbox participation [15].
• Track record: 150+ clients and $660M+ tokenized, per its site in September 2026 [15].
• Pricing: from EUR 299 per month (Core plan, EUR 250K issuance cap) [16].
• Consider it if: you are raising a smaller round on a fixed monthly cost.
• Look elsewhere if: you need non-EVM chains [15].

Best for EU bond issuance under the eWpG

Cashlink

Best for: issuers of German eWpG crypto securities that want a BaFin-authorized registrar and custodian in one provider.

Frankfurt-based Cashlink Technologies GmbH provides infrastructure for tokenized securities in Europe [17][10], and the Stellar Development Foundation invested in it in April 2026 [18].

• Standards and chains: Polygon for most issuances, with Stellar and Avalanche integrations announced in 2026 [18][19].
• Regulatory footprint: BaFin-authorized crypto securities registrar since June 26, 2024 and qualified crypto custodian since December 30, 2024 [10].
• Notable deployments: clients include KfW, NRW.BANK, Metzler and Helaba's WIBank, per Ledger Insights in April 2026 [18].
• Consider it if: you are issuing an eWpG bond or fund and want a licensed registrar.
• Look elsewhere if: you also need a trading venue; its authorizations cover registration and custody [10].

Best for end-to-end offering management

Securitize

Best for: asset managers that want one regulated group for transfer agency, brokerage and trading around a tokenized fund.

Securitize, listed on the NYSE as SECZ since July 2, 2026 [20], reported total AUM of $4.3 billion as of June 30, 2026 [21].

• Standards and chains: its own DS Protocol, an ERC-20 compatible design [22], with 2025 and 2026 announcements spanning Ethereum, Solana, BNB Chain and TRON, and Avalanche for its EU trading system [23].
• Regulatory footprint: in the US, an SEC-registered broker-dealer running an ATS, a transfer agent and an investment adviser [21]; in the EU, a CNMV-approved DLT trading and settlement system [24].
• Notable deployments: BlackRock's BUIDL fund, launched on Ethereum on March 20, 2024, with Securitize as transfer agent and tokenization platform [25].
• Consider it if: you want US qualified-investor distribution and every regulated role in one group.
• Look elsewhere if: you want to run the software yourself or keep your own transfer agent and distributors.

DigiShares

Best for: real estate and private-market platforms that want a white-label investor portal at published prices.

DigiShares A/S provides business-to-business software for issuing and administering tokenized assets, covering KYC, e-signing, token minting, cap tables, distributions and peer-to-peer trading [26].

• Standards and chains: ERC-1404 [27]; Ethereum, Polygon, BNB Smart Chain, Fantom and Polymesh [26], with Aptos added in April 2026 [28].
• Regulatory footprint: its site states that DigiShares does not provide or organize trading of financial instruments, does not act as an investment intermediary or provide investment services, and does not issue financial instruments or process payments [26].
• Notable deployments: Paydas adopted the platform to offer international rental real estate from $100, announced May 27, 2026 [29].
• Pricing: Launch from EUR 5,000 one time plus EUR 300 per month; white-label Standard from EUR 35,000 plus EUR 950 per month [30].
• Consider it if: you are launching an investor platform under your own brand.
• Look elsewhere if: you need a licensed party inside the provider [26].

How to choose

• If you need a different standard, shortlist Taurus (CMTAT, ERC-1400, ERC-3643), Zoniqx (ERC-7518) or Bitbond Token Tool (ERC-1400 style); see our ERC-1400 vs ERC-3643 comparison.
• If you need non-EVM chains, shortlist Taurus or Zoniqx, or Bitbond Token Tool for security tokens on Stellar.
• If you want published self-serve pricing, compare Token Tool and Brickken.
• If you are issuing a German eWpG bond, start with a BaFin-authorized registrar such as Cashlink; our eWpG bond guide covers the steps.
• If you want one provider for the whole offering, compare Securitize's regulated stack, DigiShares' white-label portal and Bitbond Offering Manager.
• If you already work with Apex Group and want ERC-3643, Tokeny is the natural fit.
• If you are still building a long list, start with our guide to the best tokenization platforms, which covers the wider market.

Comparison table

FAQ

What are the main alternatives to Tokeny?

It depends on why you are switching. For other token standards, teams shortlist Taurus or Zoniqx [4][5]; for self-serve issuance, Bitbond Token Tool or Brickken [16]; for German eWpG bonds, Cashlink [10]; and for one provider across the offering, Securitize or DigiShares [21][26]. Bitbond Offering Manager also runs primary offerings end to end, from KYC onboarding to payments.

Who owns Tokeny?

Apex Group acquired a majority stake in Tokeny in May 2025, and the transaction gives Apex 100% control over the following 3 years [3]. Tokeny's team and technology become part of Apex Group, and Tokeny's site describes it as part of Apex Group [2]. Apex is also the initial onchain transfer agent for T-REX Ledger, a Polygon-based compliance chain announced in March 2026 [31].

Is ERC-3643 the only standard for permissioned tokens?

No. ERC-3643 is a final Ethereum standard that checks on-chain identities before transfers [6], but issuers also use ERC-1400 style tokens, CMTAT, ERC-1404, Zoniqx's ERC-7518 and Securitize's DS Protocol [4][27][5][22]. The right choice depends on your chain, wallets and custody. A standard enforces transfer rules; legal compliance still comes from counsel and licensed parties. Our ERC-1400 vs ERC-3643 comparison covers the trade-offs.

Can I issue permissioned tokens on Solana, Stellar or XRPL?

It depends on the platform and the chain. Bitbond Token Tool issues security tokens on Stellar and its 8 EVM chains; on Solana it creates SPL and Token-2022 tokens, and on XRPL, MPTs. Taurus-CAPITAL lists SPL and Stellar token standards [4], and Zoniqx names the XRP Ledger among its ecosystem networks [5]. Check transfer controls chain by chain.

How do I issue a tokenized bond under Germany's eWpG?

The eWpG lets bearer bonds, registered shares, and bearer shares entered in a central register exist as electronic securities, including crypto securities recorded on a crypto securities register [9]. The issuer designates a registrar to keep that register, an activity BaFin authorizes; Cashlink and 21X both hold that authorization, per BaFin's register [10][32]. Counsel structures the terms, and software handles the token and investor onboarding.

Choosing a token standard or a new platform? Bitbond's team has supported 300+ token offerings since issuing the first BaFin-approved security token bond in 2019. Talk to us about your structure, or try Token Tool on a testnet for free.

Sources

1. T-REX Platform, Tokeny, https://tokeny.com/t-rex-platform/ (accessed 2026-09-29)
2. Tokeny homepage, Tokeny, https://tokeny.com/ (accessed 2026-09-29)
3. Apex Group Acquires Majority Stake in Tokeny to Catalyze Widespread Industry Tokenization Adoption, Tokeny, https://tokeny.com/apex-group-acquires-majority-stake-in-tokeny-to-catalyze-widespread-industry-tokenization-adoption/ (accessed 2026-09-29)
4. Taurus-CAPITAL, Taurus, https://www.taurushq.com/capital/ (accessed 2026-09-29)
5. Zoniqx homepage, Zoniqx, https://www.zoniqx.com/ (accessed 2026-09-29)
6. ERC-3643: T-REX, Token for Regulated EXchanges, Ethereum Improvement Proposals, https://eips.ethereum.org/EIPS/eip-3643 (accessed 2026-09-29)
7. Fasanara Launches Tokenized Money Market Fund on Polygon, Tokeny, https://tokeny.com/fasanara-launches-tokenized-money-market-fund-on-polygon/ (accessed 2026-09-29)
8. SkyBridge Tokenises $300m Hedge Funds with Tokeny and Apex Group, Tokeny, https://tokeny.com/skybridge-tokenises-300m-hedge-funds-with-tokeny-and-apex-group/ (accessed 2026-09-29)
9. Gesetz über elektronische Wertpapiere (eWpG), sections 1 and 16, gesetze-im-internet.de, Federal Ministry of Justice, https://www.gesetze-im-internet.de/ewpg/ (accessed 2026-09-29)
10. Company database entry: CASHLINK Technologies GmbH, BaFin, portal.mvp.bafin.de, institution ID 160302 (accessed 2026-09-29)
11. Taurus Secures MiFID Investment Firm License to Expand Regulated Digital Asset Services in the EU, Taurus, https://www.taurushq.com/blog/taurus-secures-mifid-investment-firm-license-to-expand-regulated-digital-asset-services-in-the-eu/ (accessed 2026-09-29)
12. State Street announces agreement with Taurus to deliver full-service digital platform for institutional investors, Taurus, https://www.taurushq.com/blog/state-street-announces-agreement-with-taurus-to-deliver-full-service-digital-platform-for-institutional-investors/ (accessed 2026-09-29)
13. Zoniqx Integrates ERC-7518 Tokenization Engine for the Next Generation of Onchain Finance on Base, Zoniqx, https://www.zoniqx.com/resources/zoniqx-integrates-erc-7518-tokenization-engine-for-the-next-generation-of-onchain-finance-on-base (accessed 2026-09-29)
14. Brickken secures €3M to expand tokenisation infrastructure, Tech.eu, https://tech.eu/2026/03/31/brickken-secures-eur3m-to-expand-tokenization-infrastructure/ (accessed 2026-09-29)
15. RWA Tokenization Platform for Institutions (homepage), Brickken, https://www.brickken.com/ (accessed 2026-09-29)
16. Brickken Plans, Brickken, https://www.brickken.com/plans (accessed 2026-09-29)
17. The infrastructure for tokenized assets (homepage), Cashlink, https://cashlink.de/en/ (accessed 2026-09-29)
18. Stellar DF invests in German tokenization firm Cashlink, Ledger Insights, https://www.ledgerinsights.com/stellar-df-invests-in-german-tokenization-firm-cashlink/ (accessed 2026-09-29)
19. Cashlink integrates institutional securities infrastructure with Avalanche, Crypto Briefing, https://cryptobriefing.com/cashlink-avalanche-institutional-securities-integration/ (accessed 2026-09-29)
20. Securitize Corp. Form 8-K reporting completion of the business combination, filed July 8, 2026, U.S. Securities and Exchange Commission, EDGAR, https://www.sec.gov/Archives/edgar/data/0002094496/000121390026076444/ea0297239-8k_securitize.htm (accessed 2026-09-29)
21. Securitize Reports Second Quarter 2026 Results, Securitize via PR Newswire, https://www.prnewswire.com/news-releases/securitize-reports-second-quarter-2026-results-302850119.html (accessed 2026-09-29)
22. DSToken: The DS Protocol implementation (README), Securitize on GitHub, https://github.com/securitize-io/dstoken (accessed 2026-09-29)
23. Press Releases, Securitize, https://securitize.io/about-us/press-releases (accessed 2026-09-29)
24. The CNMV grants approval to Securitize, the first trading and settlement system (TSS) based on distributed ledger technology (DLT), CNMV, https://www.cnmv.es/webservices/verdocumento/ver?t=%7Bde28b83c-ac59-4c2e-b228-68bbcf50e2d4%7D (accessed 2026-09-29)
25. BlackRock Launches Its First Tokenized Fund, BUIDL, on the Ethereum Network, Securitize Investor Relations, https://investors.securitize.io/news/news-details/2024/BlackRock-Launches-Its-First-Tokenized-Fund-BUIDL-on-the-Ethereum-Network-03-20-2024/default.aspx (accessed 2026-09-29)
26. DigiShares homepage, DigiShares, https://digishares.io/ (accessed 2026-09-29)
27. DigiShares Powers Tauschen's Tokenized Semiconductor Infrastructure Initiative, DigiShares, https://digishares.io/news/digishares-powers-tauschen-s-tokenized-semiconductor-infrastructure-initiative (accessed 2026-09-29)
28. DigiShares Integrates Aptos Blockchain to Expand Infrastructure for Real-World Asset Tokenization, DigiShares, https://digishares.io/news/digishares-integrates-aptos-blockchain (accessed 2026-09-29)
29. DigiShares and Paydas Partner to Democratize Access to International Rental Real Estate, DigiShares, https://digishares.io/news/digishares-and-paydas-partner-to-democratize-access-to-international-rental-real-estate (accessed 2026-09-29)
30. DigiShares Pricing, DigiShares, https://digishares.io/pricing (accessed 2026-09-29)
31. Apex Group unit Tokeny taps Polygon for its interoperable tokenization platform T-REX Ledger, The Block, https://www.theblock.co/post/394284/apex-group-taps-polygon-trex-ledger (accessed 2026-09-29)
32. Company database entry: 21X AG, BaFin, portal.mvp.bafin.de, institution ID 162185 (accessed 2026-09-29)